Central Bank to Sell N34b Treasury Bills on Wednesday

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  • Central Bank to Sell N34b Treasury Bills on Wednesday

The Central Bank of Nigeria (CBN) will auction N34 billion worth of Treasury Bills on Wednesday (Today).

Analysts at Zedcrest Capital Limited said “upon resumption from the Salah break, despite the small volume of T-bills on offer, they expected stop rates to clear above their previous level due to the recent bearish trend in the market.

“The FGN bond market closed last week on a relatively calm note, having witnessed significant sell-offs earlier in the week, which lifted yields higher by 50 basis points week-on-week.

“Yields, however, dropped marginally by three basis points, following renewed demand on the long end of the curve, with the most interest witnessed on the FGN 2034 bond.”

Analysts at Zedcrest said, “This week, we expect continued demand from local investors to place a slight downward pressure on yields, following expectation for a continued downtrend in the July inflation figure and coupon payment of N47bn to be paid on the FGN 2020 bond.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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